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NXM Hack Update-Hugh Karp, Founder Of Nexus Mutual Spoke About The Recent Hack Of His Wallet

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The founder of the DeFi platform Nexus Mutual, told details about the recent hacking of his wallet, as a result he lost 370,000 NXM worth $8.4 million.

The hack occurred on December 14, and according to Hugh Karp, he did not install any new software. That day, he was composing an email and noticed that the computer screen blinked several times, but he did not pay attention to it. As it turned out later, the flashing screen was a sign that the attacker had gained remote access to the computer.

After taking control of Hugh computer, the attacker removed the MetaMask extension from Hugh Karp’s computer and replaced it with a malicious version of the program. As previously reported, on December 14, the founder of Nexus Mutual tried to make a transaction from his Ledger hardware wallet using MetaMask.

He Said:

The transaction looked normal, the malicious version of the wallet replaced the original one, so without noticing I calmly confirmed The transaction. On the Ledger wallet, information about the transaction also appeared, and here I did not check the addresses, as NXM tokens are not directly supported by ledger so it didn’t pre-fill human readable info and I confirmed the transaction. Then I saw MetaMask confirming the transaction as successful, but the Nexus Mutual app didn’t receive the funds. Then, I checked Etherscan, and realized what has happened.

Hugh Karp admits that if he had carefully checked the transaction details on the Ledger wallet, the theft could have been avoided. He said that the hack was aimed at him.


Experts from Kaspersky Lab are helping Hugh Karp in the investigation of the incident, it is still unknown what vulnerability the hackers used to gain access to the victim’s computer. The founder of the platform emphasizes that users need to use MetaMask with maximum cautions.

Recall that on December 16, the hacker sold 35% of the tokens stolen from Hugh Karp swapping them to ETH and renBTC tokens.

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Albert Brown
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.


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